Wall Street does the Fed pivot dance: S&P 500, Dow nab record closing highs
Major indexes rally; Nasdaq gains ~2.5%
Tech leads S&P 500 sector gainers; Staples weakest group
Dollar off; gold up >1%, crude up >1.5%; bitcoin up ~5%
U.S. 10-Year Treasury yield rises to ~3.72%
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WALL STREET DOES THE FED PIVOT DANCE: S&P 500, DOW NAB RECORD CLOSING HIGHS
The S&P 500 .SPX and the Dow .DJI both clinched all-time closing highs on Thursday as investors embraced the Federal Reserve's double-sized interest rate cut and the launch of its long-awaited monetary easing phase.
All three major U.S. stock indexes ended the session sharply higher, with a 3.1% gain in tech shares .SPLRCT putting the Nasdaq .IXIC out front.
Every one of the "magnificent seven" group of megacap growth stocks advanced more than 1%, with Tesla TSLA.O leading the pack with a 7.4% gain.
Chips .SOX were a clear outperformer, jumping 4.3% on the day.
Trump Media & Technology Group DJT.O sat out this dance, however, sliding 5.9% as its lock-up expiry looms.
According to Fed Chair Jerome Powell, cooling inflation and signs of economic softness provided the impetus for the central bank to issue its 50 basis point rate cut.
But while data showing falling jobless claims and a surprise expansion of Eastern U.S. factory activity appeared to somewhat belie those concerns, weaker-than-expected home sales suggested lower interest rates could be just what the doctor ordered for the housing market.
Here's your closing snapshot:
(Stephen Culp)
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FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
STILL CAUTIOUS ON SMALL CAPS OVER THE NEAR TERM - BOFA - CLICK HERE
RATE SENSITIVE BANK STOCKS RALLY AFTER CUTS - CLICK HERE
WITH FIRST FED CUT, IT'S TIME FOR A CHANGING OF THE GUARD - SG - CLICK HERE
LARGER FED CUT RAISES RISKS FOR U.S. DOLLAR - CLICK HERE
THURSDAY DATA ROUNDUP: FED HANGOVER - CLICK HERE
WALL STREET RALLIES AS FED PIVOT SINKS IN - CLICK HERE
JEFFERIES SAYS BANKING INDUSTRY'S INTEREST INCOME IN JEOPARDY, BUT DEPOSITS COULD BE CHEAPER - CLICK HERE
NASDAQ COMPOSITE: LAND OF CONFUSION - CLICK HERE
CENBANK DIVERGENCES ENDING, APART FROM JAPAN - AMUNDI - CLICK HERE
R&D PICKS IN EUROPE - CLICK HERE
MINERS DO HEAVY LIFTING AS STOXX RISES AHEAD OF BOE - CLICK HERE
STOXX EYES JUBILANT START AFTER FED'S BUMPER CUT - CLICK HERE
UK INFLATION TO KEEP BOE ON CAUTIOUS PATH - CLICK HERE
Closing snapshot https://reut.rs/3MOI9tT
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